You should carefully consider the risks and uncertainties described
below, as well as those risks and uncertainties identified in the
documents incorporated by reference herein, including our most
recent Annual Report on Form 20-F, before making an investment in
our common shares. Our business, financial condition or results of
operations could be materially and adversely affected if any of
these risks occurs, and as a result, the market price of our common
shares could decline and you could lose all or part of your
investment. This prospectus supplement also contains
forward-looking statements that involve risks and uncertainties.
See “Cautionary Statement Regarding Forward-Looking Statements.”
Our actual results could differ materially and adversely from those
anticipated in these forward-looking statements as a result of
Risks Related to this Offering
Future sales, or the possibility of future sales, of a
substantial number of our common shares could adversely affect the
price of the shares and dilute shareholders.
Future sales of a substantial number of our common shares, or the
perception that such sales will occur, could cause a decline in the
market price of our common shares. Pursuant to the at-the-market program, and
potentially other offerings, we plan to continue to raise money to
fund our operations through the issuance of our equity securities.
If our existing shareholders sell substantial amounts of common
shares in the public market, or the market perceives that such
sales may occur, the market price of our common shares and our
ability to raise capital through an issue of equity securities in
the future could be adversely affected. In addition, we have
registered on a Form S-8
registration statement all common shares that we may issue under
our equity compensation plans. As a result, these shares can be
freely sold in the public market upon issuance, subject to volume
limitations applicable to affiliates.
We also entered into a registration rights agreement upon
consummation of our initial public offering pursuant to which we
have agreed under certain circumstances to file a registration
statement to register the resale of the common shares held by
certain of our existing shareholders, as well as to cooperate in
certain public offerings of such common shares.
On October 22, 2018, we filed a shelf registration statement
on Form F-3 for the
potential offer and sale by us of up to $150 million of our
common shares, senior debt securities, subordinated debt
securities, warrants, purchase contracts or units. The registration
statement was declared effective by the SEC on November 7,
2018. Because the price per share of each share sold under the
registration statement will depend on the market price of our
shares at the time of the sale and other market conditions, it is
not possible at this stage to predict the number of shares that
ultimately may be offered and sold under the registration
statement. If we sell common shares, convertible securities or
other equity securities, existing shareholders may be diluted by
such sales, and in certain cases new investors could gain rights
superior to our existing shareholders. Any sales of our common
shares, or the perception that such sales could occur, could have a
negative impact on the trading price of our shares.
If you purchase common shares in this offering, you will
suffer immediate dilution of your investment.
The public offering price of our common shares may exceed the as
adjusted net tangible book value per common share. Therefore, if
you purchase common shares in this offering, you may pay a price
per common share that substantially exceeds our as adjusted net
tangible book value per common share after this offering. To the
extent outstanding options or warrants are exercised, you will
incur further dilution.
Assuming that an aggregate of 23,148,148 of our common shares are
sold at a price of $2.16 per share pursuant to this prospectus
supplement, which was the last reported sale price of our common
shares on Nasdaq on May 12, 2020, for aggregate gross proceeds
of $50,000,000, after deducting commissions and estimated aggregate
offering expenses payable by us, you would experience immediate
dilution of $1.24 per common share, representing the difference
between our as adjusted net tangible book value per share as of
December 31, 2019, after giving effect to this offering and
the assumed offering price.